Filed Pursuant to Rule 433
RBC Capital Markets ® Registration Statement No. 333-171806
The information in this free writing prospectus is not complete and may be changed.
Preliminary Terms Supplement $____________
Subject to Completion: Direct Investment Notes Linked to the Equity
Dated June 7, 2013 Compass Equity Risk Management Strategy,
Due August 8, 2014
Pricing Supplement Dated July __, 2013 to the Product Royal Bank of Canada
Prospectus Supplement Dated January 28, 2011,
Prospectus
Dated January 28, 2011 and Prospectus
Supplement Dated January 28, 2011
Royal Bank of Canada is offering the Direct Investment Notes (the “notes”) linked to the performance of the EquityCompass Equity Risk Management
Strategy (the “Strategy”). The Strategy is a set of rules used to construct a hypothetical portfolio (the “Portfolio”) of different combinations of cash and
long/short positions in the S&P 500 ® Total Return Index (the “Index”).
The CUSIP number for the notes is 78008S3J3. The notes will be automatically called for an amount based on the Final Value of the Portfolio on the Early
Valuation Date (as defined below) if the value of the Portfolio is less than or equal to 50% of the Initial Investment (as defined below) on any trading day. If the
notes are not called, the notes will pay an amount at maturity based on the Final Value of the Portfolio on the Valuation Date. Investors are subject to
potential loss of the principal amount of the notes if the Final Value of the Portfolio is less than $1,000. The notes do not pay interest. Any payments on the
notes are subject to our credit risk.
Issue Date: July 9, 2013
Maturity Date: August 8, 2014
The notes will not be listed on any U.S. securities exchange.
Investing in the notes involves a number of risks. See “Risk Factors” beginning on page P-6 of this terms supplement and page 1 of the prospectus
supplement dated January 28, 2011, and “Additional Risk Factors Specific to the Notes” beginning on page PS-3 of the product prospectus supplement dated
January 28, 2011.
The notes will not constitute deposits insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation (the “FDIC”) or
any other Canadian or U.S. government agency or instrumentality.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined that
this terms supplement is truthful or complete. Any representation to the contrary is a criminal offense.
Per Note Total
Price to public % $
Underwriting discounts and commissions % $
Proceeds to Royal Bank of Canada % $
The price at which you purchase the notes includes hedging costs and profits that Royal Bank or its affiliates expect to incur or realize. These costs and
profits will reduce the secondary market price, if any secondary market develops, for the notes. As a result, you may experience an immediate and
substantial decline in the market value of your notes on the Issue Date.
If the notes priced on the date of this terms supplement, RBC Capital Markets, LLC, which we refer to as RBCCM, acting as agent for Royal Bank of Canada,
would receive a commission of approximately $14 per $1,000 in principal amount of the notes for sales of notes to brokerage accounts, and would use a
portion of that commission to allow selling concessions to other dealers of approximately $14 per $1,000 in principal amount of the notes. The other dealers
may forgo, in their sole discretion, some or all of their selling concessions. If the notes priced on the date of this terms supplement, the price of the notes
would also include a profit of $5 per $1,000 in principal amount of the notes earned by Royal Bank of Canada in hedging its exposure under the notes. In no
event will the total of the commission received by RBCCM, which includes concessions to be allowed to other dealers, and the hedging profits of Royal Bank
of Canada, exceed $19 per $1,000 in principal amount of the notes.
With respect to sales to certain fee-based advisory accounts, RBCCM will offer the notes at a purchase price of $986 per $1,000 principal amount, and will
not receive a commission with respect to such sales.
We may use this terms supplement in the initial sale of the notes. In addition, RBCCM or another of our affiliates may use this terms supplement in a
market-making transaction in the notes after their initial sale. Unless we or our agent informs the purchaser otherwise in the confirmation of sale, this
terms supplement is being used in a market-making transaction.
RBC Capital Markets, LLC
Direct Investment Notes Linked
to the EquityCompass Equity
Risk Management Strategy
Due August 8, 2014
SUMMARY
The information in this “Summary” section is qualified by the more detailed information set forth in this terms supplement, the product prospectus
supplement, the prospectus supplement, and the prospectus.
Issuer: Royal Bank of Canada (“Royal Bank”)
Issue: Senior Global Medium-Term Notes, Series E
Underwriter: RBC Capital Markets, LLC (“RBCCM”)
Currency: U.S. Dollars
Minimum Investment: $1,000 and minimum denominations of $1,000 in excess thereof
Pricing Date: July 3, 2013
Issue Date: July 9, 2013
CUSIP: 78008S3J3
Valuation Date: August 5, 2014, subject to extension for market and other disruptions, as described in the product prospectus
supplement.
Interest Payable: None
Initial Investment: The Initial Investment will equal the product of (a) $1,000 and (b) the Participation Rate, or $981.
Participation Rate: 98.10%
Payment at Maturity At maturity, for each $1,000 principal amount of your notes, you will receive a cash payment equal to the Final
(if held to maturity): Value of the Portfolio. This amount will not be less than zero.
Final Value: The value of the Portfolio on the Valuation Date or the Early Valuation Date, as applicable, after giving effect to
the Adjustment Amounts, as described below.
Adjustment Amount: On the pricing date, at each time that the Portfolio is reallocated on a Portfolio Calculation Day and on the
Valuation Date or the Early Valuation Date, as applicable, the calculation agent will calculate an Adjustment
Amount that will reduce the value of the Portfolio. See the section “The Value of the Portfolio—Adjustment
Amounts” in the product prospectus supplement for additional information regarding how the Adjustment
Amount will be calculated and its impact on the value of the Portfolio.
Adjustment Rate: 0.15%
RBC Capital Markets, LLC
P-2
Direct Investment Notes Linked
to the EquityCompass Equity
Risk Management Strategy
Due August 8, 2014
Composition of the The hypothetical Portfolio to which the notes are linked consists of a combination of (a) cash and/or (b) a long
Portfolio: position or a short position in the Index. The Portfolio will be reallocated on a monthly basis as of each Portfolio
Calculation Day, based upon the Recommended Equity Allocation (“REA”) Percentage produced by the
Strategy each month as described in the product prospectus supplement. See the sections “The
EquityCompass Equity Risk Management Strategy” and “The Value of the Portfolio” in the product prospectus
supplement for additional information regarding the Strategy and the composition of the Portfolio.
Automatic Call: If, on any trading day before the Valuation Date, the calculation agent determines that the value of the Portfolio
is less than or equal to 50% of the Initial Investment (the “Call Trigger Date”), then we will automatically redeem
the notes on the Call Date. The amount payable on the notes on the Call Date will equal the Final Value of the
Portfolio on the Early Valuation Date.
Call Date: The fourth business day following the Call Trigger Date, subject to extension for
market and other disruptions, as described in the product prospectus supplement.
Early Valuation Date: The first trading day following the Call Trigger Date, subject to extension for
market and other disruptions, as described in the product prospectus supplement.
Maturity Date: August 8, 2014 , subject to extension for market and other disruptions, as described in the product prospectus
supplement.
Term: Approximately thirteen (13) months
Calculation Agent: RBCCM
Principal at Risk: The notes are NOT principal protected. You may lose all or a substantial portion of your principal
amount at maturity if the Final Value of the Portfolio is less than $1,000.
U.S. Tax Treatment: By purchasing a note, each holder agrees (in the absence of a change in law, an administrative determination or
a judicial ruling to the contrary) to treat the notes as a pre-paid cash-settled derivative contract for U.S. federal
income tax purposes. However, the U.S. federal income tax consequences of your investment in the notes are
uncertain and the Internal Revenue Service could assert that the notes should be taxed in a manner that is
different from that described in the preceding sentence.
Please see the discussion in this terms supplement under “Supplemental Discussion of U.S. Federal Income
Tax Consequences” and the discussion (including the opinion of our counsel Morrison & Foerster LLP) in the
product prospectus supplement under “Supplemental Discussion of U.S. Federal Income Tax Consequences,”
which applies to the notes.
Distribution: The notes are not intended for purchase by any investor that is not a United States person, as that term is
defined for U.S. federal income tax purposes, and RBCCM will not make offers of the notes to any such
investor.
RBC Capital Markets, LLC
P-3
Direct Investment Notes Linked
to the EquityCompass Equity
Risk Management Strategy
Due August 8, 2014
Secondary Market: RBCCM (or one of its affiliates), though not obligated to do so, plans to maintain a secondary market in the
notes after the Issue Date. The amount that you may receive upon sale of your notes prior to maturity
may be less than the principal amount of your notes.
Listing: The notes will not be listed on any securities exchange or quotation system.
Clearance and DTC global (including through its indirect participants Euroclear and Clearstream, Luxembourg as described
Settlement: under “Description of Debt Securities—Ownership and Book-Entry Issuance” in the prospectus dated January
28, 2011).
Terms Incorporated in All of the terms appearing above the item captioned “Secondary Market” on pages P-2, P-3 and P-4 of this
the Master Note: terms supplement and the terms appearing under the caption “General Terms of the Notes” in the product
prospectus supplement dated January 28, 2011, as modified by this terms supplement.
RBC Capital Markets, LLC
P-4
Direct Investment Notes Linked
to the EquityCompass Equity
Risk Management Strategy
Due August 8, 2014
ADDITIONAL TERMS OF YOUR NOTES
You should read this terms supplement together with the prospectus dated January 28, 2011, as supplemented by the prospectus supplement
dated January 28, 2011 and the product prospectus supplement dated January 28, 2011, relating to our Senior Global Medium-Term Notes,
Series E, of which these notes are a part. Capitalized terms used but not defined in this terms supplement will have the meanings given to them
in the product prospectus supplement. In the event of any conflict, this terms supplement will control.
This terms supplement, together with the documents listed below, contains the terms of the notes and supersedes all prior or contemporaneous
oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures
for implementation, sample structures, brochures or other educational materials of ours. You should carefully consider, among other things, the
matters set forth in “Risk Factors” in the prospectus supplement dated January 28, 2011 and “Additional Risk Factors Specific to the Notes” in
the product prospectus supplement dated January 28, 2011, as the notes involve risks not associated with conventional debt securities. We urge
you to consult your investment, legal, tax, accounting and other advisors before you invest in the notes. You may access these documents on
the Securities and Exchange Commission (the “SEC”) website at www.sec.gov as follows (or if that address has changed, by reviewing our
filings for the relevant date on the SEC website):
Prospectus dated January 28, 2011:
http://www.sec.gov/Archives/edgar/data/1000275/000121465911000309/f127115424b3.htm
Prospectus Supplement dated January 28, 2011:
http://www.sec.gov/Archives/edgar/data/1000275/000121465911000311/m127114424b3.htm
Product Prospectus Supplement dated January 28, 2011:
http://www.sec.gov/Archives/edgar/data/1000275/000121465911000323/f127112424b5.htm
Our Central Index Key, or CIK, on the SEC website is 1000275. As used in this terms supplement, the “Company,” “we,” “us,” or “our” refers to
Royal Bank of Canada.
Royal Bank of Canada has filed a registration statement (including a product prospectus supplement, a prospectus supplement, and a
prospectus) with the SEC for the offering to which this terms supplement relates. Before you invest, you should read those documents and the
other documents relating to this offering that we have filed with the SEC for more complete information about us and this offering. You may
obtain these documents without cost by visiting EDGAR on the SEC Website at www.sec.gov. Alternatively, Royal Bank of Canada, any agent or
any dealer participating in this offering will arrange to send you the product prospectus supplement, the prospectus supplement and the
prospectus if you so request by calling toll-free at 1-866-609-6009.
RBC Capital Markets, LLC
P-5
Direct Investment Notes Linked
to the EquityCompass Equity
Risk Management Strategy
Due August 8, 2014
HYPOTHETICAL RETURNS
The examples set out below are included for illustration purposes only. The hypothetical values of the Portfolio are not estimates or forecasts of
the Final Value or the value of the Portfolio on any trading day prior to the Valuation Date. Each example assumes that a holder has purchased
the notes with an aggregate principal amount of $1,000, the Participation Rate of 98.10%, an Initial Investment of $981, and that no market
disruption event occurs on the Valuation Date or the Early Valuation Date.
Example 1 — The hypothetical Final Value of the Portfolio on the Valuation Date is $762.85.
In this example, the value of the Portfolio decreased by 22.24% from the Initial Investment and the Payment at Maturity equals $762.85. The
investor’s return would be -23.72%.
Example 2 — The hypothetical Final Value of the Portfolio on the Valuation Date is $981.00.
In this example, the value of the Portfolio increased by 0.00% from the Initial Investment and the Payment at Maturity equals $981.00. The
investor’s return would be -1.90%.
Example 3 — The hypothetical Final Value of the Portfolio on the Valuation Date is $1,209.08.
In this example, the value of the Portfolio increased by 23.25% from the Initial Investment and the Payment at Maturity equals $1,209.08. The
investor’s return would be 20.91%.
Example 4 — The hypothetical value of the Portfolio on a trading day prior to the Valuation Date is $484.52, which is less than 50% of the
Initial Investment, resulting in an Automatic Call:
The hypothetical Final Value of the Portfolio on the Early Valuation Date, which is one trading day after the Call Trigger Date, is $474.38.
In this example, the value of the Portfolio decreased by 51.64% and the payment on the Call Date equals $474.38. The investor’s return would
be -52.56%.
RBC Capital Markets, LLC
P-6
Direct Investment Notes Linked
to the EquityCompass Equity
Risk Management Strategy
Due August 8, 2014
RISK FACTORS
An investment in the notes entails other risks not associated with an investment in conventional debt securities. You should carefully review the
detailed explanation of the risks relating to the notes under the section “Additional Risk Factors Specific to the Notes” in the product prospectus
supplement and under “Risk Factors” in the prospectus supplement and prospectus. In light of the complexity of the transaction described
in this terms supplement, you are urged to consult with your own attorneys and business and tax advisors before making a decision
to purchase any of the notes.
 Your investment in the notes will result in a loss if the Final Value of the Portfolio is less than $1,000. As a result, the value of the Portfolio
must increase after the pricing date in order for you to receive a positive return on the notes .
 An automatic call will result in a loss of your principal.
 The return on the notes may be less than the yield on a conventional debt security of comparable maturity.
 The value of the Portfolio will decrease if the REA Percentage does not properly reflect the percentage increase or decrease of the level of
the Index after the applicable Portfolio Calculation Day.
 The value of the Portfolio will depend upon the success of the Strategy.
 Because the Portfolio may be allocated to cash or to a short position in the Index, your return on the notes is not expected to correspond
with increases and decreases in the level of the Index.
 The amount deemed to be applied to the Portfolio (the “Initial Investment”) will be less than your principal amount of the notes, which will
reduce your return on the notes .
 The value of the Portfolio will be reduced based upon the applicable Adjustment Amount.
 An investment based upon the Portfolio is not actively managed.
 There may not be an active trading market for the notes—sales in the secondary market, if any, may result in significant losses.
 The market value of the notes may be influenced by many unpredictable factors.
 The historical performance of the Portfolio and the Index is not an indication of their future performance.
 You must independently evaluate the merits of an investment in the notes.
 Payments on the notes are subject to our credit risk, and changes in our credit ratings are expected to affect the market value of the notes.
 Hedging activities may affect the value of the notes.
 The inclusion in the purchase price of the notes of a selling concession and of Royal Bank’s cost of hedging its market risk under the notes
is likely to adversely affect the value of the notes prior to maturity.
 The business activities of Royal Bank or its affiliates may create conflicts of interest.
 There are potential conflicts of interest between you and the calculation agent.
 EquityCompass Strategies’s use of its discretion to make certain judgments in connection with the REA Percentage may create conflicts of
interest and may affect the value of the Portfolio and amount payable of the notes.
 Significant aspects of the tax treatment of the notes may be uncertain.
RBC Capital Markets, LLC
P-7
Direct Investment Notes Linked
to the EquityCompass Equity
Risk Management Strategy
Due August 8, 2014
ADDITIONAL INFORMATION REGARDING THE STRATEGY AND THE INDEX
We have derived all information regarding the Strategy, the Portfolio and the Index from publicly available sources. We describe the Strategy
and the Portfolio in more detail in the section entitled “The EquityCompass Equity Risk Management Strategy” beginning on page PS-18 of the
product prospectus supplement, and we describe the Index in more detail in the section entitled “The S&P 500 ® Total Return Index” beginning
on page PS-30 of the product prospectus supplement.
General
The Strategy seeks to offer exposure to U.S. large-cap stocks, while reducing the downside risk of such an investment. The Strategy consists of
a set of rules used to construct the Portfolio of different combinations of (a) cash and/or (b) a long or short position in the Index (each, a
“Portfolio Component,” and together, the “Portfolio Components”). The Strategy uses a short position in the Index to reduce the risk associated
with a decline in the Index.
The Strategy allocates the Portfolio among the Portfolio Components by reference to a REA Percentage that is updated on a monthly basis. The
REA Percentage represents the average of:
 a calculation called the “Directional Earnings Model”, which is based upon the monthly changes in earnings-per-share estimates for the
components of the Index, with increases in such estimates resulting in an increased percentage allocation of the Portfolio to a long
position in the Index; and
 a calculation called the “Technical Price Model”, which compares recent levels of the DJIA SM to (a) its all-time highest level and (b) the
lowest level of the DJIA SM after that all-time high.
EquityCompass Strategies (the “Sponsor”) first published the Strategy in January 2009. The Sponsor is a wholly-owned subsidiary and affiliated
SEC-registered investment adviser of Stifel Financial Corp., and an affiliate of Stifel, Nicolaus & Company, Incorporated. The Sponsor
calculates the allocation of the Portfolio among cash and/or long and short positions in the Index at or around the close of business, New York
time, on each Portfolio Calculation Day. The Sponsor publishes that allocation shortly thereafter on its website www.equitycompass.com. We
have included that website (and the additional websites below) in this terms supplement as inactive textual references
only. Information on those websites is not part of this terms supplement. We provide no assurance that the Sponsor will continue to
publish this information, or with what frequency it will do so.
RBC Capital Markets, LLC
P-8
Direct Investment Notes Linked
to the EquityCompass Equity
Risk Management Strategy
Due August 8, 2014
HISTORICAL INFORMATION
The table below sets forth the following information with respect to the Index and the Portfolio, for each calendar month from December 2006 to
May 2013:
 the REA Percentage that was in effect with respect to the Strategy for the applicable month;
 the level of the Index as of the last trading day of the applicable month, based on data provided by Bloomberg;
 the percentage increase or decrease in the level of the Index from the beginning of the applicable month until the last trading day of the
applicable month, based on data provided by Bloomberg;
 the value of the Portfolio (based on a hypothetical value of $1,000 as of December 29, 2006), based on data provided by the Sponsor;
and
 the percentage increase or decrease in the value of the Portfolio from the beginning until the end of the applicable month, based on
data provided by the Sponsor.
In addition to the information set forth in the table below, the term of the notes is expected to be 13 months. A hypothetical investment in the
Strategy from April 30, 2012 to May 31, 2013 (a term corresponding to the approximate term of the notes) would have generated a return of
approximately 14.0%. In contrast, the return of the Index during that period was 19.6%.
The historical levels and returns of the Index and the Portfolio should not be taken as an indication of their future performance, and no assurance
can be given as to the Final Value or the value of the Portfolio on any trading day prior to the Valuation Date. We cannot give you assurance
that the performance of the Index or the Portfolio will result in any return on your investment in the notes, or that you will not lose any portion of
your investment.
In particular, we note that the amounts above and below relating to the Portfolio and the Strategy do not reflect the accrual of any
interest on the cash portion of the Portfolio, or the impact of the Participation Rate and the Adjustment Amounts, as would apply to an
investment in the notes. The amounts shown are intended solely to provide an indication of movements in the Portfolio during the
indicated periods, and should not be construed to be indicative of the future performance of the Portfolio, or the amount that you will
receive on the notes.
RBC Capital Markets, LLC
P-9
Direct Investment Notes Linked
to the EquityCompass Equity
Risk Management Strategy
Due August 8, 2014
EquityCompass Equity Risk
The Index Management Portfolio
Date REA % Index Level % Change Value Indexed to 1,000 % Change
12/29/2006 100% 2,186.13 1,000.00
1/31/2007 100% 2,219.19 1.51% 1,015.12 1.51%
2/28/2007 100% 2,175.79 -1.96% 995.27 -1.96%
3/30/2007 100% 2,200.12 1.12% 1,006.40 1.12%
4/30/2007 100% 2,297.58 4.43% 1,050.98 4.43%
5/31/2007 100% 2,377.75 3.49% 1,087.65 3.49%
6/29/2007 100% 2,338.25 -1.66% 1,069.58 -1.66%
7/31/2007 100% 2,265.75 -3.10% 1,036.42 -3.10%
8/31/2007 100% 2,299.75 1.50% 1,051.96 1.50%
9/28/2007 100% 2,385.72 3.74% 1,091.30 3.74%
10/31/2007 100% 2,423.67 1.59% 1,108.66 1.59%
11/30/2007 100% 2,322.34 -4.18% 1,062.31 -4.18%
12/31/2007 50% 2,306.23 -0.69% 1,054.94 -0.69%
1/31/2008 10% 2,167.90 -6.00% 1,054.94 0.00%
2/29/2008 10% 2,097.48 -3.25% 1,083.66 2.72%
3/31/2008 10% 2,088.42 -0.43% 1,081.72 -0.18%
4/30/2008 50% 2,190.13 4.87% 1,033.81 -4.43%
5/30/2008 10% 2,218.50 1.30% 1,033.81 0.00%
6/30/2008 60% 2,031.47 -8.43% 1,116.02 7.95%
7/31/2008 60% 2,014.39 -0.84% 1,110.40 -0.50%
8/29/2008 10% 2,043.53 1.45% 1,120.03 0.87%
9/30/2008 10% 1,861.44 -8.91% 1,192.56 6.48%
10/31/2008 50% 1,548.81 -16.79% 1,336.21 12.05%
11/28/2008 50% 1,437.68 -7.18% 1,336.21 0.00%
12/31/2008 50% 1,452.98 1.06% 1,336.21 0.00%
1/30/2009 10% 1,330.51 -8.43% 1,336.21 0.00%
2/27/2009 10% 1,188.84 -10.65% 1,466.21 9.73%
3/31/2009 50% 1,292.98 8.76% 1,335.37 -8.92%
4/30/2009 10% 1,416.73 9.57% 1,335.37 0.00%
5/29/2009 10% 1,495.97 5.59% 1,265.80 -5.21%
6/30/2009 10% 1,498.94 0.20% 1,258.32 -0.59%
7/31/2009 60% 1,612.31 7.56% 1,315.43 4.54%
8/31/2009 60% 1,670.52 3.61% 1,343.92 2.17%
9/30/2009 100% 1,732.86 3.70% 1,394.07 3.73%
10/30/2009 100% 1,700.67 -1.86% 1,368.18 -1.86%
11/30/2009 100% 1,802.68 6.00% 1,450.24 6.00%
12/31/2009 95% 1,837.50 1.93% 1,476.85 1.83%
1/29/2010 95% 1,771.40 -3.60% 1,426.38 -3.42%
2/26/2010 95% 1,826.27 3.10% 1,468.36 2.94%
3/31/2010 95% 1,936.48 6.03% 1,552.54 5.73%
4/30/2010 95% 1,967.05 1.58% 1,575.82 1.50%
5/28/2010 95% 1,809.98 -7.99% 1,456.28 -7.59%
6/30/2010 95% 1,715.23 -5.23% 1,383.86 -4.97%
7/30/2010 95% 1,835.40 7.01% 1,475.97 6.66%
8/31/2010 95% 1,752.55 -4.51% 1,412.67 -4.29%
9/30/2010 95% 1,908.95 8.92% 1,532.44 8.48%
RBC Capital Markets, LLC
P-10
Direct Investment Notes Linked
to the EquityCompass Equity
Risk Management Strategy
Due August 8, 2014
EquityCompass Equity Risk
The Index Management Portfolio
Date REA % Index Level % Change Value Indexed to 1,000 % Change
10/29/2010 95% 1,981.59 3.80% 1,587.83 3.61%
11/30/2010 95% 1,981.84 0.01% 1,588.02 0.01%
12/31/2010 95% 2,114.29 6.68% 1,688.85 6.35%
1/31/2011 100% 2,164.40 2.37% 1,728.88 2.37%
2/28/2011 100% 2,238.55 3.43% 1,788.11 3.43%
3/31/2011 100% 2,239.44 0.04% 1,788.82 0.04%
4/29/2011 100% 2,305.76 2.96% 1,841.79 2.96%
5/31/2011 100% 2,279.66 -1.13% 1,820.95 -1.13%
6/30/2011 100% 2,241.66 -1.67% 1,790.59 -1.67%
7/29/2011 100% 2,196.08 -2.03% 1,754.18 -2.03%
8/31/2011 100% 2,076.78 -5.43% 1,658.89 -5.43%
9/30/2011 50% 1,930.79 -7.03% 1,658.89 0.00%
10/31/2011 45% 2,141.81 10.93% 1,562.91 -5.79%
11/30/2011 50% 2,137.08 -0.22% 1,562.91 0.00%
12/30/2011 50% 2,158.94 1.02% 1,562.91 0.00%
1/31/2012 100% 2,255.69 4.48% 1,632.95 4.48%
2/29/2012 100% 2,353.23 4.32% 1,703.56 4.32%
3/31/2012 100% 2,430.68 3.29% 1,759.62 3.29%
4/30/2012 100% 2,415.42 -0.63% 1,748.58 -0.63%
5/31/2012 100% 2,270.25 -6.01% 1,643.49 -6.01%
6/29/2012 100% 2,363.79 4.12% 1,711.20 4.12%
7/31/2012 100% 2,396.62 1.39% 1,734.97 1.39%
8/31/2012 50% 2,450.60 2.25% 1,734.97 0.00%
9/28/2012 50% 2,513.93 2.58% 1,734.97 0.00%
10/31/2012 100% 2,467.51 -1.85% 1,702.94 -1.85%
11/30/2012 100% 2,481.82 0.58% 1,712.81 0.58%
12/31/2012 100% 2,504.44 0.91% 1,728.43 0.91%
1/31/2013 100% 2,634.16 5.18% 1,817.95 5.18%
2/28/2013 100% 2,669.92 1.36% 1,842.63 1.36%
3/28/2013 100% 2,770.05 3.75% 1.081.85 3.75%
4/30/2013 100% 2,823.42 1.93% 1,948.57 1.93%
5/31/2013 100% 2,889.46 2.34% 1,994.15 2.34%
RBC Capital Markets, LLC
P-11
Direct Investment Notes Linked
to the EquityCompass Equity
Risk Management Strategy
Due August 8, 2014
SUPPLEMENTAL PLAN OF DISTRIBUTION
We expect that delivery of the notes will be made against payment for the notes on or about July 9, 2013, which is the third (3 rd ) business day
following the pricing date (this settlement cycle being referred to as “T+3”). See “Supplemental Plan of Distribution” in the prospectus
supplement dated January 28, 2011. For additional information as to the relationship between us and RBCCM, please see the section “Plan of
Distribution—Conflicts of Interest” in the prospectus dated January 28, 2011.
In the initial offering of the notes, RBCCM will offer the notes at a purchase price equal to par, except with respect to certain accounts as
indicated on the cover page of this document.
SUPPLEMENTAL DISCUSSION OF U.S. FEDERAL INCOME TAX CONSEQUENCES
The following disclosure supplements the discussion in the product prospectus supplement dated January 28, 2011 under “Supplemental
Discussion of U.S. Federal Income Tax Consequences.”
Dividend Equivalent. A “dividend equivalent” payment is treated as a dividend from sources within the U.S. and such payments generally would
be subject to a 30% U.S. withholding tax if paid to a non-U.S. holder (as defined in the product prospectus supplement). Under proposed U.S.
Treasury Department regulations, certain payments that are contingent upon or determined by reference to U.S. source dividends, including
payments reflecting adjustments for extraordinary dividends, with respect to equity-linked instruments, including the notes, may be treated as
dividend equivalents. If enacted in their current form, the regulations will impose a withholding tax on payments made on the notes on or after
January 1, 2014 that are treated as dividend equivalents. In that case, we (or the applicable paying agent) would be entitled to withhold taxes
without being required to pay any additional amounts with respect to amounts so withheld. Further, non-U.S. holders may be required to provide
certifications prior to, or upon the sale, redemption or maturity of the notes in order to minimize or avoid U.S. withholding taxes.
Foreign Account Tax Compliance Act . The Internal Revenue Service has issued notices and the Treasury Department has issued final
regulations affecting the legislation enacted on March 18, 2010 and discussed in the product prospectus supplement under “Supplemental
Discussion of U.S. Federal Income Tax Consequences— Supplemental U.S. Tax Considerations—Legislation Affecting Taxation of Notes Held
By or Through Foreign Entities.” Pursuant to the final regulations, withholding requirements with respect to payments made on the notes will
generally begin no earlier than January 1, 2014, and the withholding tax will not be imposed on payments pursuant to obligations outstanding on
January 1, 2014. Account holders subject to information reporting requirements pursuant to the Foreign Account Tax Compliance Act may
include holders of the notes. Holders are urged to consult their own tax advisors regarding the implications of this legislation and subsequent
guidance on their investment in the notes.
RBC Capital Markets, LLC
P-12
RBC Capital Markets ®
EQUITY LINKED NOTE RBC STRUCTURED NOTES
Direct Investment Notes
Linked to the EquityCompass Equity Risk Management Strategy,
Due August 8, 2014
INVESTMENT THESIS
 The notes are linked to the EquityCompass Equity Risk Management Strategy (the
“Strategy”). The Strategy is a set of rules used to construct a hypothetical portfolio
(the “Portfolio”) of different combinations of cash and long/short positions in the S&P
500 ® Total Return Index (the “Index”).
 The notes will be automatically called for an amount based on the Final Value of the
Portfolio on the Early Valuation Date if the value of the Portfolio declines by 50% or
more.
 If the notes are not called, the notes will pay an amount at maturity based on the
Final Value of the Portfolio on the Valuation Date. Investors are subject to potential
loss of the principal amount of the notes if the Final Value of the Portfolio is less than
$1,000.
PRELIMINARY KEY TERMS
 Composition of the Portfolio: a combination of (a) cash and/or (b) a long position or a
short position in the Index. The Portfolio will be reallocated on a monthly basis as of
each Portfolio Calculation Day, based upon the Recommended Equity Allocation
Percentage produced by the Strategy.
 Participation Rate: 98.10%
 Initial Investment: $1,000 x 98.10% = $981
 Final Value: the value of the Portfolio on the Valuation Date or the Early Valuation
Date, as applicable, after giving effect to the Adjustment Amounts.
 Adjustment Amount: see the section “The Value of the Portfolio—Adjustment
Amounts” in the product prospectus supplement.
 Adjustment Rate: 0.15%
KEY RISK FACTORS
 Your investment in the notes will result in a loss if the Final Value of the Portfolio is
less than $1,000, and any positive return on the notes depends on the value of the
Portfolio.
 The value of the Portfolio will depend upon the success of the Strategy.
 The value of the Portfolio will be reduced based upon the applicable Adjustment
Amount.
 The notes are subject to Royal Bank of Canada’s credit risk.
TAX
 Each investor will agree to treat the notes as a pre-paid cash-settled derivative
contract for U.S. federal income tax purposes, as described in more detail in the
product prospectus supplement.
Order Deadline
 RBCCM will accept orders to purchase the notes until July 3, 2013
CUSIP: 78008S3J3 | PRICING DATE: July 3, 2013 | ISSUE DATE: July 9, 2013
IRS Circular 230 Notice : To ensure compliance with IRS Circular 230, you are hereby notified that: (a) any discussion of federal tax issues contained or referred to herein is
not intended or written to be used, and cannot be used, by you for the purpose of avoiding penalties that may be imposed on you under the Internal Revenue Code; (b) such
discussion is written in connection with the promotion or marketing by us of the transactions or matters addressed herein; and (c) you should seek advice based on your
particular circumstances from an independent tax advisor.